Govt takes big decision on edible oil, edible oil can be cheaper, govt abolishes customs duty for two years
The expectation of cheap cooking oil has increased. The government has taken a big decision regarding edible oil. The government has abolished customs duty for 2 years. Customs duty on soybean and sunflower oil imports has been abolished.
Abolition of customs duty on soybean-sunflower oil imports
The Central Government has given relief for up to 2 years
The expectation of cheap cooking oil has increased. The government has taken a big decision regarding edible oil. The government has abolished customs duty for 2 years. Customs duty on soybean and sunflower oil imports has been abolished. Agriculture and basic duties and development cess have also been abolished.
The government had said that for the two financial years (2022-23, 2023-24) of crude soybean oil and crude sunflower oil, 20 lakh metric tonnes per annum has been exempted from import duty. The government has said that customs duty and agriculture basic duty and development cess have been abolished. That is, the import of edible oil without paying this tax will be allowed. It is believed that this will be a great relief to consumers.
Fuel and LPG have been relaxed recently
Earlier petrol-diesel and LPG cylinders were given relief by the government. The Center has reduced excise duty on petrol by Rs 8 and diesel by Rs 6, making petrol Rs 9.50 cheaper and diesel Rs 7 cheaper. The government also announced a subsidy of Rs 200 per cylinder on LPG cylinders. This subsidy will be given to the beneficiaries of Pradhan Mantri Ujjawala Yojana on 12 gas cylinders in a year.
Edible oils are expensive at record highs
For a few days, edible oil prices, which had reached record highs, were expected to come down. Indonesia, the world's largest producer of palm oil, has decided to lift its export ban. For this reason, people were expecting relief on the edible oil front in India.
The government is trying to control inflation
In such a scenario, it was expected that the government would now seriously consider reducing customs duties on essential items such as edible oils and raw materials for industries. In fact, the government was looking at a number of short- to medium-term measures to control inflation. These include measures such as reduction of customs duty on essential commodities like cooking oil, reduction of duty on imported raw materials, reduction in Agricultural Infrastructure Development Cess (AIDC) on various types of imports.
29-Sep-2024